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Montage Technology Reports Fourth Quarter And Fiscal 2013 Financial Results

SHANGHAI, China, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Montage Technology Group Limited (Nasdaq:MONT) ("Montage Technology"), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced financial results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Highlights:
  • Attained record revenue of $35.4 million, an increase of 17.9 percent sequentially and 49.5 percent year-over-year;
  • Reported 62.4 percent gross margin and 25.1 percent operating margin;
  • Achieved GAAP net income per diluted share of $0.31, and non-GAAP net income per diluted share of $0.37;
  • Increased set-top box (STB) product revenue by 11.0 percent and memory interface product revenue by 85.8 percent over the third quarter; and
  • Generated cash from operations of $12.6 million.

Full Year 2013 Highlights:
  • Increased revenue by 41.7 percent to $110.9 million from $78.2 million in 2012;
  • Reported 63.2 percent gross margin and 24.4 percent operating margin;
  • Achieved GAAP net income per diluted share of $1.06, compared to $0.66 per share in 2012;
  • Non-GAAP net income per diluted share of $1.26, compared to $0.72 per share in 2012;
  • Grew set-top box product revenue by 34.0 percent and memory interface product revenue by 165.1 percent;
  • Generated cash from operations of $35.7 million; and
  • Completed the company's IPO on October 1, 2013, with net proceeds of $46.9 million.

Fourth Quarter 2013 Results

Commenting on the results, Stephen Tai, Montage Technology's president stated, "Fourth quarter revenue exceeded our original expectations, growing 18% sequentially and 50% year-over-year, and was further highlighted by solid gross and operating margin performance. Our results were driven by an 11% sequential increase in our set-top box products, combined with an 86% increase in memory interface revenue with the ramping of our LRDIMM products.

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